59Money held by Territory as financial assurance

59 Money held by Territory as financial assurance (1) If an amount of money is held by the Territory as a financial assurance or part of a financial assurance in relation to a licence, the following provisions apply: (a) interest accrues on so much of the original amount as from time to time remains unclaimed by the waste manager under section 55 (Claim on or realisation of financial assurance); Note A rate of interest may be determined under s 126 for par (a). (b) for any claim the waste manager may make under section 55, the financial assurance is taken to include any accrued interest other than interest to which the licensee is entitled to be paid under paragraph (c); (c) during the period the financial assurance is required, on each anniversary of the payment of the original amount, the licensee is entitled to be paid by the Territory so much of the interest that accrued during the year that ended on the day before the anniversary as remains unclaimed by the waste manager under section 55.

(2) Subsection (3) applies if— (a) the financial assurance is no longer required by the waste manager; or (b) the licence has ended. (3) The Territory must pay to the licensee any part of the original amount and accrued interest that remains unclaimed by the waste manager under section 55.